Comments for salliemae first time home buyers http://realtorspeaks.com Helping Home Owners With Home Buying Decisions Thu, 02 Sep 2010 23:18:49 +0000 hourly 1 http://wordpress.org/?v=3.0.1 Comment on Help With buying a home sallie mae first time home buyer by buy to let mortgage rates http://realtorspeaks.com/#comment-118 buy to let mortgage rates Thu, 02 Sep 2010 23:18:49 +0000 http://realtorspeaks.com/?page_id=5#comment-118 As long as people fight the world won't be right. As long as people fight the world won’t be right.

]]> Comment on Fico score?? by Ruby http://realtorspeaks.com/2010/06/fico-score-3/#comment-10 Ruby Sun, 27 Jun 2010 00:05:55 +0000 #comment-10 FICO score, credit score, credit beacon-they are all the same. it just all depends on what credit bureau you are using. a score in the 700's is very good. if you have a credit history of several years, most banks wont ask for proof of income. but if you have a very short credit history with only 1 or 2 credit cards, they might ask for proof of income. you should get an interest rate under 10%, around 4-6%. make sure to go to a decent car dealer and not to those small car lot dealerships. FICO score, credit score, credit beacon-they are all the same. it just all depends on what credit bureau you are using. a score in the 700′s is very good. if you have a credit history of several years, most banks wont ask for proof of income. but if you have a very short credit history with only 1 or 2 credit cards, they might ask for proof of income. you should get an interest rate under 10%, around 4-6%. make sure to go to a decent car dealer and not to those small car lot dealerships.

]]> Comment on reverse mortgage? by SeniorSolutionsRadio.com http://realtorspeaks.com/2010/06/reverse-mortgage-3/#comment-9 SeniorSolutionsRadio.com Sat, 26 Jun 2010 17:05:02 +0000 #comment-9 The most popular Reverse Mortgage is the Home Equity Conversion Mortgage (HECM) which accounts for over 90% of Reverse Mortgages done to date. The HECM is Federally regulated and insured (FHA---HUD) They set the rules and regulations. AARP just released a study (12-12-2007) here's the web address that will link you directly to the report on AARP website... http://www.aarp.org/research/credit-debt... You can also go directly to www.HUD.gov to research Reverse Mortgages. Seeing it's their program why not go right to the source. Part of the Reverse Mortgage process is that you have to talk to an independent HUD approved third party counselor to make sure you understand the program and that it was explained to you correctly. (government safeguard). There is no charge for this and you can do this anytime you want. Just another avenue to answer your questions. I hope these resources help in your decision making. If I can be of any other assistance let me know. For disclosure purposes......I have been in the Reverse Mortgage business for over 2 years and I am a Reverse Mortgage Consultant for EverBank Reverse Mortgage. Also Federal law requires that the homeowner MUST remain on title, thus maintaining ownership of the home. Regards, Stephen The most popular Reverse Mortgage is the Home Equity Conversion Mortgage (HECM) which accounts for over 90% of Reverse Mortgages done to date. The HECM is Federally regulated and insured (FHA—HUD) They set the rules and regulations. AARP just released a study
(12-12-2007) here’s the web address that will link you directly to the report on AARP website…

http://www.aarp.org/research/credit-debt...

You can also go directly to http://www.HUD.gov to research Reverse Mortgages. Seeing it’s their program why not go right to the source. Part of the Reverse Mortgage process is that you have to talk to an independent HUD approved third party counselor to make sure you understand the program and that it was explained to you correctly. (government safeguard). There is no charge for this and you can do this anytime you want. Just another avenue to answer your questions. I hope these resources help in your decision making. If I can be of any other assistance let me know. For disclosure purposes……I have been in the Reverse Mortgage business for over 2 years and I am a Reverse Mortgage Consultant for EverBank Reverse Mortgage. Also Federal law requires that the homeowner MUST remain on title, thus maintaining ownership of the home.

Regards,

Stephen

]]> Comment on FICO Score? by BrianL http://realtorspeaks.com/2010/06/fico-score-2/#comment-8 BrianL Sat, 26 Jun 2010 10:11:44 +0000 #comment-8 FICO is a rip! I mean, what it basically tells someone is that they are VERY bad with money, the higher it is. The more debt you have, that is current, the higher your FICO score. So, if you were wealthy and had no debt, your FICO score would be 0. What a rip! FICO is a rip! I mean, what it basically tells someone is that they are VERY bad with money, the higher it is. The more debt you have, that is current, the higher your FICO score. So, if you were wealthy and had no debt, your FICO score would be 0. What a rip!

]]> Comment on Should I Wait a Few More Months Before Buying A House? by lightupthesky25 http://realtorspeaks.com/2010/06/should-i-wait-a-few-more-months-before-buying-a-house/#comment-7 lightupthesky25 Sat, 26 Jun 2010 10:10:17 +0000 #comment-7 FHA is not the only option for a first-time homebuyer. However, it's usually the best because they require a low down payment (3.5% of the purchase price), and a minimum credit score of 620. You can try to go conventional, but without a 20% down payment you may not be able to. If you got the home for $300K, a 20% down payment would be $60K but a 3.5% down payment would be $10500. You will not be able to get a 0 down payment without really amazing credit, if at all. So, since you have $10-$15K for a down payment, I would go with the FHA loan and only put down 3.5%. You'll have to pay for mortgage insurance, which is really wasted money - but if it gets you in the house...! I ran a mortgage calculator for you and it looks like you should be able to easily afford the mortgage unless the property taxes or insurance are a lot higher. You have plenty of income, lots of assets, and enough of a down payment. The credit scores will not be a problem for FHA. They may be a problem for a conventional loan though. The only thing those credit scores might do for you that would be bad is you might get a higher interest rate than someone with 700 or 800 scores. FHA loans are simply insured by the government, which allows a lender to lend to someone they consider a higher risk and might not have lent to otherwise. That is the major difference between FHA and a conventional loan. With an FHA loan, you also must pay an upfront mortgage insurance premium at closing, and you are charged monthly premiums for either five years or when your loan-to-value ratio reaches 80%, whichever is longer. On a conventional loan, if you put down less than 20% you would have monthly mortgage insurance premiums but not an upfront one at closing, and it would be removed as soon as your loan-to-value reaches 80% (though you would have to contact the lender to have it removed). Your landlord cannot report your rent paid on time to credit bureaus. The credit bureaus are only going to look at things such as credit card accounts, car payments, previous mortgages (which you don't have), and student loans. The only way anything such as a utility payment or rent payment would make it onto your credit report is if you didn't pay it and it was sent to collections. Your purchase price should not be a reflection of the county assessment price. The county assessment prices are not true market values. Many assessors do not even go out to the homes to revalue them - they simply adjust the prices of all homes in the neighborhood based on the average fluctuation in the market. It's also possible that a previous homeowner protested their value (in order to lower their tax bill) and the current assessment value is artificially low. You will need to talk to your realtor and have him/her run some comps for you in order to get a better idea of where to start your bid. FHA is not the only option for a first-time homebuyer. However, it’s usually the best because they require a low down payment (3.5% of the purchase price), and a minimum credit score of 620. You can try to go conventional, but without a 20% down payment you may not be able to. If you got the home for $300K, a 20% down payment would be $60K but a 3.5% down payment would be $10500.

You will not be able to get a 0 down payment without really amazing credit, if at all. So, since you have $10-$15K for a down payment, I would go with the FHA loan and only put down 3.5%. You’ll have to pay for mortgage insurance, which is really wasted money – but if it gets you in the house…!

I ran a mortgage calculator for you and it looks like you should be able to easily afford the mortgage unless the property taxes or insurance are a lot higher. You have plenty of income, lots of assets, and enough of a down payment. The credit scores will not be a problem for FHA. They may be a problem for a conventional loan though. The only thing those credit scores might do for you that would be bad is you might get a higher interest rate than someone with 700 or 800 scores.

FHA loans are simply insured by the government, which allows a lender to lend to someone they consider a higher risk and might not have lent to otherwise. That is the major difference between FHA and a conventional loan. With an FHA loan, you also must pay an upfront mortgage insurance premium at closing, and you are charged monthly premiums for either five years or when your loan-to-value ratio reaches 80%, whichever is longer. On a conventional loan, if you put down less than 20% you would have monthly mortgage insurance premiums but not an upfront one at closing, and it would be removed as soon as your loan-to-value reaches 80% (though you would have to contact the lender to have it removed).

Your landlord cannot report your rent paid on time to credit bureaus. The credit bureaus are only going to look at things such as credit card accounts, car payments, previous mortgages (which you don’t have), and student loans. The only way anything such as a utility payment or rent payment would make it onto your credit report is if you didn’t pay it and it was sent to collections.

Your purchase price should not be a reflection of the county assessment price. The county assessment prices are not true market values. Many assessors do not even go out to the homes to revalue them – they simply adjust the prices of all homes in the neighborhood based on the average fluctuation in the market. It’s also possible that a previous homeowner protested their value (in order to lower their tax bill) and the current assessment value is artificially low. You will need to talk to your realtor and have him/her run some comps for you in order to get a better idea of where to start your bid.

]]> Comment on Whats better to invest in mortgage forclosure or back taxes closure real estate? by valstpatrick http://realtorspeaks.com/2010/06/whats-better-to-invest-in-mortgage-forclosure-or-back-taxes-closure-real-estate/#comment-6 valstpatrick Sat, 26 Jun 2010 09:27:06 +0000 #comment-6 If you purchase a tax foreclosure property is takes sometime before you can actually obtain the property. You are buying the debt not the house at that time. By law you have to notify the owner of your intent and then proceed with the foreclosure process. This is costly and time consuming. However, in the right circumstances it can be financially rewarding. Keep in mind this method of obtaining real estate is not easiest avenue. Second, looking at foreclosed properties is a good way to get a discount on a home. You could save 10's of thousands of dollars, but getting a home for hundreds of dollars is not possible this way/ The bank will want close to market value. Sometimes, you can work with the bank for them to work your financing for you as well. Hope this helps, If you purchase a tax foreclosure property is takes sometime before you can actually obtain the property. You are buying the debt not the house at that time. By law you have to notify the owner of your intent and then proceed with the foreclosure process. This is costly and time consuming. However, in the right circumstances it can be financially rewarding. Keep in mind this method of obtaining real estate is not easiest avenue.
Second, looking at foreclosed properties is a good way to get a discount on a home. You could save 10′s of thousands of dollars, but getting a home for hundreds of dollars is not possible this way/ The bank will want close to market value. Sometimes, you can work with the bank for them to work your financing for you as well.

Hope this helps,

]]> Comment on Forclosure Investing? by davidlitterick http://realtorspeaks.com/2010/06/forclosure-investing/#comment-5 davidlitterick Thu, 24 Jun 2010 10:29:28 +0000 #comment-5 Today's market has some special foundations to it. In the past downturns, there were people who could not afford their properties, but still had equity available. Of course, over the last three or four years, we all refinanced the ass out of our properties leaving very little to no equity. So, getting a property for pennies on the dollar is basically nonsense. These tv shows all portray the successful investor who bought a house for a few bucks, put some paint on it and made a fifty grand profit. Unfortunately, life doesn't work that way. Sure there are some incredible bargainst out there, and even I have had a lender offer me a building for $750. Yes I said seven fifty, not seven fifty thousand. Of course, it had a 100K tax lien against it and was condemned!! And that is the point. Investing is a business, and you need to add value to make the big profits. The gurus have it all worked out though. There are pennies on the dollar deals out there, but you might only get one or two a lifetime. These guys have thouands of sheep who flock to their seminars and with so many newbie investors, it shouldnt be surprising that one or two make a lucky profit - they cannot replicate that success though. David Litterick www.ShortSaleServicesForAgents.com Today’s market has some special foundations to it. In the past downturns, there were people who could not afford their properties, but still had equity available. Of course, over the last three or four years, we all refinanced the ass out of our properties leaving very little to no equity. So, getting a property for pennies on the dollar is basically nonsense.

These tv shows all portray the successful investor who bought a house for a few bucks, put some paint on it and made a fifty grand profit. Unfortunately, life doesn’t work that way. Sure there are some incredible bargainst out there, and even I have had a lender offer me a building for $750. Yes I said seven fifty, not seven fifty thousand. Of course, it had a 100K tax lien against it and was condemned!! And that is the point. Investing is a business, and you need to add value to make the big profits.

The gurus have it all worked out though. There are pennies on the dollar deals out there, but you might only get one or two a lifetime. These guys have thouands of sheep who flock to their seminars and with so many newbie investors, it shouldnt be surprising that one or two make a lucky profit – they cannot replicate that success though.

David Litterick
http://www.ShortSaleServicesForAgents.com

]]> Comment on Reverse mortgage…? by KennyJitFu http://realtorspeaks.com/2010/06/reverse-mortgage-2/#comment-4 KennyJitFu Thu, 24 Jun 2010 10:27:36 +0000 #comment-4 It depends on your state. speak to an attorney about title questions. Loan officers and brokers can't comment legally on title issues only an attorney can help. do you understand how a reverse mortgage works? Find out. Usually a reverse mortgage is used with retirees. The banks agrees to pay you to live in your home until deathand then they take your home once you pass. If you plan on outliving your husband you might ask him why he wants to sell your house from under you???? Speak to an attorney and your husband over his reasoning. A HELOC or second mortgage may give you the money you seek without risking loss of your home upon your husbands death. It depends on your state. speak to an attorney about title questions. Loan officers and brokers can’t comment legally on title issues only an attorney can help.

do you understand how a reverse mortgage works? Find out. Usually a reverse mortgage is used with retirees. The banks agrees to pay you to live in your home until deathand then they take your home once you pass.

If you plan on outliving your husband you might ask him why he wants to sell your house from under you????

Speak to an attorney and your husband over his reasoning. A HELOC or second mortgage may give you the money you seek without risking loss of your home upon your husbands death.

]]> Comment on Reverse Mortgage? by Carolinahomerates.com http://realtorspeaks.com/2010/06/reverse-mortgage/#comment-3 Carolinahomerates.com Thu, 24 Jun 2010 10:19:57 +0000 #comment-3 i would speak to the heirs about this. reverse mortgage PAYS YOU EVERY single month for the rest of your life. you get to live in the home and not have to worry about making a mortgage payment. they take the equity of your house...and pay you your heirs can buy back the home after you pass away. on a regular mortgage YOU have to pay the mortgage.. i would speak to the heirs about this.

reverse mortgage PAYS YOU EVERY single month for the rest of your life. you get to live in the home and not have to worry about making a mortgage payment.
they take the equity of your house…and pay you

your heirs can buy back the home after you pass away.

on a regular mortgage YOU have to pay the mortgage..

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